Riding the wave of record-highs and record-lows, the luxury condo market in Miami Beach carries forward its phenomenal performance from Q4 2020 and Q1 2021 into Q2 2021. Posting triple-digit growth, all Miami Beach neighborhoods reported record-high sales, with Mid-North Beach emerging as the best-performing neighborhood.

In terms of prices and inventory, Fisher Island emerges as a clear favorite as always – posting the most expensive price per square foot and record-low inventory. Sunny Isles Beach emerges as the neighborhood with the highest percentage growth in year-over-year price per square foot, offering maximum returns for sellers in Miami Beach. South Beach, Mid-North Beach, and Surfside and Bal Harbour – all tied for second place with the lowest months of inventory in all of Miami.

Miami Beach, just like the overall Miami Luxury Condo Market for Q2 2021, has officially stepped into a seller's market. After years of being a buyer-friendly market, the tables have turned with sellers gaining control of negotiations (evidenced in the steadily rising prices). Read on for more trends in our exclusive and detailed analysis on how each Miami Beach neighborhood fared against each other, as well as against the overall Miami luxury condo trends in Q2 2021.

For the purposes of this report, we've included in "Miami Beach" the sub-neighborhoods of South Beach, Mid-Beach, North-Beach, Sunny Isles Beach, Surfside, Bal Harbour, and Fisher Island as part of our Miami Beach grouping. Also, this luxury condo submarket report only features properties priced at $1 million and above.

Miami Beach Overall Luxury Condo Market Highlights - Q2 2021:

• Record-breaking Sales increase 620.3% year-over-year -- Mid-North Beach is the highest percentage contributor
• 12-month Sales Trendline stays positive for 3 consecutive quarters -- Q4 2020 through to Q2 2021
• Price per Square Foot up 10.7% year-over-year to $1,036 -- at record-high in more than 5 years
• Median Sales Price up 26.5% year-over-year
• Days on Market stay flat year-over-year
• Inventory down 85.5% year-over-year to record-low of 8 months

Miami Beach Sub-neighborhood Highlights - Q2 2021:

• Winner: Mid-North Beach leads Q2 sales growth in Miami Beach with highest percentage (956%) year-over-year increase -- 3rd-highest sales growth of all Miami neighborhoods 
• All Miami Beach neighborhoods post the highest-ever quarterly sales in over 6 years
• 12-Month Sales Trendline keeps positive across the board for 3 consecutive quarters -- from Q4 2020 through to Q2 2021
• Winner: Sunny Isles Beach luxury condos offered maximum value to sellers in Miami Beach with highest percentage growth (38.5%) in year-over-year Price per Sq. Ft., closely followed by Surfside and Bal Harbour (37.6%)
• Fisher Island reports highest Median Sales Price of $6.1 million in all of Miami
• Fisher Island continues to be the most expensive neighborhood in all of Miami, priced at $1,644/sq. ft. -- maintains top-spot for 3 consecutive quarters
• Mid-North Beach reports highest percentage decline in year-over-year Days on Market (-15%), while Fisher Island reports highest percentage increase (27%) in Miami Beach
• Fisher Island reports lowest inventory (5 months) in Miami, closely followed by South Beach, Mid-North Beach, plus Surfside and Bal Harbour (7 months each)
• Miami Beach's luxury condo market is now a seller's market

Miami Beach Overall Luxury Condo Markets at a Glance - Q2 2021 YoY (Median Sale Price)

Miami Beach Luxury Condo Markets at a Glance - Q2 2021 YoY (Median Sales Price / SqFt)

Miami Beach Luxury Condo Markets at a Glance - Q2 2021 YoY (Number of sales)

Table of Contents

1. Overall Q2 2021 Miami Beach Luxury Condo Market Trends
2. Q2 2021 South Beach Luxury Condo Market Trends
3. Q2 2021 Mid and North Beach Luxury Condo Market Trends
4. Q2 2021 Surfside & Bal Harbour Luxury Condo Market Trends
5. Q2 2021 Sunny Isles Beach Luxury Condo Market Trends
6. Q2 2021 Fisher Island Luxury Condo Market Trends
7. Conclusion - Q2 2021 Miami Beach Luxury Condo Market Report
   
   

Miami Beach: Luxury Condo Sales Up to Record-High

620.3% growth in year-over-year sales + positive trendline. From reporting the lowest sales in a second-quarter last year to the highest quarterly sales seen in over 6 years of our reporting, the luxury condo market in Miami Beach (collectively) has made phenomenal progress. Posting record-breaking sales for three straight quarters, half-year sales in Miami Beach have already outpaced the annual sales of 2020 (497), 2019 (507), or any other previous year under review (Fig. 2.1).

Consistent with the positive sales trends seen in the overall Miami report for Q2 2021, this coastal grouping reported 620.3% growth in year-over-year sales and 265% growth over the pre-pandemic Q2 2019 – showing that sales momentum has gone through the roof and beyond what could have been predicted.

South Beach, with its highest sales volume (165), and Mid-North Beach with its highest percentage increase in year-over-year sales (956%), are the biggest contributors to the soaring sales growth seen in Miami Beach. (See Markets at a Glance – Q2 2021 YoY Number of Sales chart above.)

Miami Beach Luxury Condo Quarterly Sales 2015-2021 - Fig. 2.1

A closer look at the monthly sales in Fig. 2.2 reveals that volumes peaked during the month of April and gradually declined by the end of the quarter. While April closed with 198 sales, May closed a notch lower with 176 sales, and June closed the quarter with 159 sales.

Just like we saw and mentioned in the overall Miami report, this gradual decline in monthly sales volume could be hinting that the market may have reached its apex. Considering that the second quarter of the year is generally the strongest, we, as real estate experts, expect the market to cool down for a few cycles. However, given the intense momentum seen over the last three quarters, we still expect Miami's luxury condo market to close the year on a very strong note.

Miami Beach Luxury Condo Monthly Sales from Jan. 2016 to Jun. 2021 - Fig. 2.2

Miami Beach Luxury Condo 12-Month Sales with Trendline - Fig. 2.3

With sales booming to new levels over the last three quarters, the 12-month Sales Trendline (Fig. 2.3) stayed positive from Q4 2020 through to Q2 2021.

Miami Beach: Median Price per Square Foot Up to Highest in 5 Years

Price per Square Foot up 10.7% to a new high of $1036. Median Sales Price up 26.5% year-over-year. Consistent with the overall Miami market trend of higher year-over-year prices, Miami Beach also reported an increase in both its median price per square foot and sales price in response to this extended surge in demand.

The Price per Sq. Ft. increased 10.7% year-over-year, up from $936 in Q2 last year to $1,036 for the same quarter 2021. Remarkably for sellers, a closer look at the five-year snapshot of quarterly prices per square foot below (Fig. 3) reveals that prices are at an all-time high in this coastal neighborhood -- showing that sellers in Miami Beach received top value for their luxury condos.

The Median Sales Price also increased 26.5% year-over-year, up from $1,700,000 in Q2 2020 to $2,150,000 for the same quarter this year (Fig. 1).

Miami Beach Quarterly Sales Price per Sq. Ft. 2016-2021 - Fig. 3

Miami Beach: Days on Market Flat YoY

Days on Market stays flat year-over-year. Partly in line with the overall Miami market trend of lower days on market, luxury condos in Miami Beach spent fewer days on the market quarter-over-quarter, but almost the same number of days year-over-year.

Luxury condos in this coastal district spent 23 fewer days compared to Q1 this year and just 2 fewer days on market compared to Q2 last year (Fig. 4). 

The above reduction reflects the actual market pace, as opposed to the past two quarters, where the statistic did not drop despite booming sales. The previous two quarters reported higher days on market due to sellers re-activating paused listings, adding to their property's total days spent on the market. However, in Q2 2021, the metric has normalized (reduced) as most of these older listings sold off -- capturing the actual pace of closings.

Miami Beach Quarterly Days on Market 2018-2021 – Fig. 4

Miami Beach: Inventory Down YoY to Record-Low – Enters a Seller's Market

Q2 2021 closes with 8 months of inventory. Just like the overall Miami trend, luxury condo inventory nearly disappeared quarter-over-quarter as well as year-over-year in Miami Beach. At 8 months, inventory is down 85.5% from its peak in June 2020 of 55 months. On a quarter-over-quarter basis, inventory is down to half from 16 months in March (Fig. 5).

Reporting a huge market correction, inventory is down to its lowest levels in our 6 years of reporting and now within the ideal 9-12-month range of a balanced market. This puts sellers in control of decision-making and negotiations, marking the end of the long-standing buyer-friendly market we've been reporting over the past 5-6 years. With demand outpacing supply, sellers in Miami Beach are enjoying multiple, highly competitive offers on their luxury condos.

Miami Beach Months of Inventory from Mar. 2019 to Jun. 2021 - Fig. 5

A balanced market has only 9-12 months of inventory. The months of inventory are calculated as – number of active listings + number of pending listings, divided by the average number of deals in the last 6 months.

Miami Beach Neighborhoods: Q2 2021 South Beach (ZIP 33139)

South Beach: Luxury Condo Sales Up YoY to New Record

489.3% growth in year-over-year sales + positive trendline. Reporting the highest sales volume in all of Miami Beach for a second straight quarter, sales in South Beach posted a brand-new record. With a total of 165 closed sales this quarter, the beach destination triples its past high quarters by registering the highest quarterly sales seen in over 6 years of our reporting (and before from personal experience).

Posting an impressive 489% increase in year-over-year sales, half-year numbers (278 sales) have already outpaced the annual sales of 2020 (118), 2019 (149), or any other previous years under review. This shows that the luxury condo market has not only bounced back from the pandemic-caused slowdown last year, but like the rest of Miami, is now in a new market even compared to some of the strongest cycles seen in the past 6 years (and before).

Owing to this incredible pace, the 12-month Sales Trendline in Fig. 7.2 stayed positive from Q4 2020 through to Q2 2021.

South Beach Luxury Condo Quarterly Sales 2015-2021 - Fig. 7.1

South Beach Luxury Condo 12-Month Sales with Trendline - Fig. 7.2

South Beach: Luxury Condo Price per Square Foot + Sales Price Up YoY

Price per Square Foot up 20.3% year-over-year to $1,298. Median Price up 26.6% year-over-year. Consistent with the year-over-year price growth seen in the overall market, South Beach reported an increase in both its price per square foot and median sales price.

The Price per Square Foot increased 20.3%, up from $1,079 in Q2 last year to $1,298 in Q2 2021. The Median Sales Price also increased 26.6%, up from $1,777,500 in Q2 2020 to $2,250,000 for the same quarter this year (Fig. 6).

A look at the five-year snapshot of quarterly Price per Square Foot below (Fig. 8) reveals that prices closed in the higher ranges for South Beach. It is also worth noting that South Beach posts the second-most expensive price per square foot of all Miami Beach neighborhoods under review (behind the most expensive neighborhood of Fisher Island) -- indicating great value for sellers in the area.

South Beach Luxury Condo Quarterly Price per Square Foot 2016-2021 - Fig. 8

South Beach: Days on Market Up YoY

4% increase in year-over-year Days on Market. Deviating slightly from the overall Miami market trend of lower year-over-year days on market, luxury condos in South Beach spent 3 more days on the market compared to Q2 2020. However, on a quarter-over-quarter basis, luxury condos spent 30 fewer days on market compared to Q1 2021 (Fig. 9).

As mentioned above, the days on market trends have been showing higher for neighborhoods due to paused listings being reactivated by owners, instead of any actual delay in properties selling. Considering South Beach's marginally higher days on market, it seems that more paused listings made a comeback this Q2 2021, keeping the year-over-year trend higher. 

South Beach Luxury Condo Quarterly Days on Market 2018-2021 - Fig. 9

South Beach: Inventory Down YoY to One of Lowest in Miami

Q2 2021 closes with 7 months of Inventory. In sync with the overall Miami trend, luxury condo inventory in South Beach dropped to a new low in over 6 years. Luxury condo inventory in the neighborhood is not only one of the lowest in Miami Beach, but also all of Miami – South Beach shares the spot for "second-lowest inventory" in Miami Beach with Mid-North Beach and the collective neighborhood of Surfside and Bal Harbour.

At 7 months, inventory is down 80.5% from 36 months in June 2020. It is also 53% lower than March's closing of 15 months (Fig. 10). With luxury condo inventory settling within the 9-12-month range of an ideal market, sellers are now in control of negotiations in South Beach and have the liberty to choose from multiple competitive offers.

South Beach Months of Inventory from Mar. 2019 to Jun. 2021 - Fig. 10

Miami Beach Neighborhoods: Q1 2021 Mid and North Beach (ZIP 33140 & 33141)

Mid-North Beach: Luxury Condo Sales Up YoY – Lead Sales Growth in Miami Beach

955.6% growth in year-over-year sales + positive trendline. Mid-North Beach might be known as the quieter side of Miami Beach, but it has definitely been making noise in terms of sales. In Q1 2021, the sub-market reported the second-highest percentage growth in year-over-year sales of all Miami Beach neighborhoods. Fast forward a quarter and it boasts of a 955.6% jump in year-over-year sales – leading sales growth in all of Miami Beach and posting the 3rd-highest growth percentage in overall Miami.

Setting a brand-new record in quarterly sales, half-year sales (169) in Mid-North Beach are already greater than the annual sales of 2020 (92), 2019 (105), or any other previous year under review (Fig. 12.1) -- just like the overall Miami market trend.

Owing to this consistent increase in momentum for 3 straight quarters, Mid-North Beach reports a positive 12-month Sales Trendline from Q4 2020 through to Q2 2021 (Fig. 12.2).

Mid-Beach and North-Beach Quarterly Sales 2015-2021 - Fig. 12.1

Mid-Beach and North-Beach 12-Month Sales with Trendline - Fig. 12.2

Mid-North Beach: Luxury Condo Prices Up YoY - Both Price per Square Foot + Sales Price

Price per Square Foot up 11.9% to $965. Median Sales Price up 23.1% year-over-year. Consistent with the overall market trend in Miami, this collective neighborhood reported an increase in both its median price per square foot and sales price in response to the surge in demand.

In Q2 2021, the Price per Square Foot increased 11.9%, up from $863 in Q2 2020 to $965 this year. The Median Sales Price also increased by 23.1%, up from $1,275,000 in Q2 last year to $1,570,000 this year (Fig. 11).

A look at the five-year snapshot of quarterly Price per Square Foot below (Fig. 13) reveals that prices closed in the mid-ranges for Mid-North Beach -- hinting at further room for growth for luxury condo sellers.

Mid-Beach and North-Beach Quarterly Price per Sq. Ft. 2016-2021 - Fig. 13

Mid-North Beach: Days on Market Down YoY

15.3% decrease in year-over-year Days on Market. Slightly deviating from the overall Miami market trend of lower year-over-year days on market, Mid-North Beach reports a decline in year-over-year numbers but an increase in quarter-over-quarter days on market.

Luxury condos in Mid-North Beach spent 18 fewer days on the market compared to Q2 2020. However, on a quarter-to-quarter basis, luxury condos spent 7 more days on market (Fig. 14).

As mentioned earlier in this report, the market has been seeing an increase in days on market as older (paused) listings have been making a comeback. With owners becoming more aware of the shift in market conditions (transitioning from buyer-friendly to seller-friendly), it seems more sellers found the confidence to re-list this past quarter - increasing the quarter-over-quarter days spent on market. 

Nonetheless, Mid-North Beach still reported the highest percentage decline in year-over-year Days on Market – making it one of the faster-selling sub-markets in Miami Beach.

Mid-Beach and North-Beach Luxury Condo Quarterly Days on Market 2018-2021 – Fig. 14

Mid-North Beach: Inventory Down YoY to One of Lowest in Miami

Q2 2021 closes with 7 months of Inventory. Consistent with the overall Miami market trend, luxury condo inventory in Mid-North Beach is at its lowest in more than 6 years. Sharing the second spot for lowest inventory in Miami Beach and overall Miami, Mid-North Beach reports 7 months of inventory – same as South Beach and the collective neighborhood of Surfside and Bal Harbour.

At 7 months, inventory is down 88.3% from its peak of 60 months in June 2020. On a quarter-over-quarter basis, inventory is down 41.7% from 12 months in March (Fig. 15). With inventory within the 9-12-month range of a balanced market, sellers are now in control of negotiations evidenced by the increase in prices seen above (Fig. 13).

Mid-Beach and North-Beach Months of Inventory from Mar. 2019 to Jun. 2021 - Fig. 15

A balanced market has only 9-12 months of inventory. The months of inventory are calculated as – no. of active listings + no. of pending listings divided by the average number of deals in the last 6 months.

Miami Beach Neighborhoods: Q2 2021 Surfside & Bal Harbour 

Surfside & Bal Harbour: Luxury Condo Sales Up YoY to New Record-high

525% growth in year-over-year sales + positive trendline. In sync with the overall Miami market trend, this combined neighborhood reports its highest quarterly sales seen in more than 6 years -- topping out its Q1 2021 high. Setting a new record, the community-focused neighborhood posts an impressive 525% jump in year-over-year volumes.

Like the rest of Miami, half-year sales (127) in Surfside & Bal Harbour are already higher than the annual sales of 2020 (83), 2019 (84), or any other previous year under review (Fig. 17.1). In a nod to the phenomenal pace seen over the past three quarters, the 12-month Sales Trendline in Fig. 17.2 stayed positive from Q4 2020 through to Q2 2021.

Surfside & Bal Harbour Quarterly Sales 2015-2021 - Fig. 17.1

Surfside & Bal Harbour 12-Month Sales with Trendline - Fig. 17.2

Surfside & Bal Harbour: Higher YoY Price per Square Foot + Sales Price

Price per Square Foot up 37.6% to $1,184. Median Sales Price up 10.5% year-over-year. Keeping with the year-over-year price growth seen in overall Miami, Surfside and Bal Harbour reports an increase in both its price per square foot and median sales price.

The Price per Square Foot increased 37.6%, up from $860 in Q2 2020 to $1,184 for the same quarter this year. The Median Sales Price also increased 10.5%, up from $2,420,500 in Q2 2020 to $2,675,000 in Q2 this year (Fig. 16).

A look at the five-year snapshot of quarterly Price per Square Foot below (Fig. 18) reveals that prices closed in the higher ranges for this grouping. It is also worth noting that Surfside and Bal Harbour posted the second-highest percentage increase in year-over-year prices (right behind Sunny Isles Beach) -- showing impressive value for sellers in the area.

Surfside & Bal Harbour Quarterly Price per Sq. Ft. 2016-2021 - Fig. 18

Surfside & Bal Harbour: Days on Market Down YoY

6.4% decrease in year-over-year Days on Market. Consistent with the overall Miami market trend of lower year-over-year days on market, luxury condos in Surfside & Bal Harbour spent 8 fewer days on the market compared to Q2 last year and 2 fewer days compared to Q1 this year (Fig. 19).

Surfside & Bal Harbour Quarterly Days on Market 2018-2021 – Fig. 19

Surfside & Bal Harbour: Luxury Condo Inventory Down YoY to One of Lowest in Miami

Q2 2021 closes with 7 months of Inventory. In sync with the overall Miami market trend, luxury condo inventory in Surfside & Bal Harbour has dropped to a new low. Reporting the same months of inventory as South Beach and Mid-North Beach, this combined neighborhood posts the second-lowest inventory in all of Miami.

At 7 months, inventory is down 77.4% from 31 months in June 2020. On a quarter-over-quarter basis, inventory is down 53.3% from 15 months in March 2021 (Fig. 20). With inventory falling within the 9-12-month range of a balanced market, sellers have regained hold on the market from buyers, after a hiatus of over 6 years.

Surfside & Bal Harbour Months of Inventory from Mar. 2019 to Jun. 2021 - Fig. 20

A balanced market has only 9-12 months of inventory. The months of inventory are calculated as – no. of active listings + no. of pending listings divided by the average number of deals in the last 6 months.

Miami Beach Neighborhoods: Q2 2021 Sunny Isles Beach

Sunny Isles: Luxury Condo Sales Up YoY - 2nd-Highest Growth in Miami Beach

794.4% growth in year-over-year sales + positive trendline. In line with the overall Miami market trend, Sunny Isles Beach reported the highest quarterly sales seen in over 6 years – setting a brand-new record.

With a 794.4% jump in year-over-year volumes, half-year sales (266) in this branded-condo corridor are already greater than the annual sales of 2020 (162), 2019 (133), or any other year under review (Fig. 22.1).

Considering how sales have been increasing for 4 consecutive quarters in this beach town, the 12-month Sales Trendline in Fig. 22.2 expectedly remained positive from Q4 2020 through to Q2 2021.

Sunny Isles Beach Luxury Condo Quarterly Sales 2015-2021 - Fig. 22.1

Sunny Isles Beach Luxury Condo 12-Month Sales with Trendline - Fig. 22.2

Sunny Isles: Price per Square Foot Peaks with Highest Percentage Increase in Miami Beach

Price per Square Foot up 38.5% to $822. Median Sales Price up 40.9% year-over-year. Consistent with the overall Miami market trend of higher year-over-year prices, Sunny Isles Beach reported an increase in both its price per square foot and median sales price.

The Price per Square Foot increased 38.5%, up from $593 in Q2 last year to a new high of $822 in Q2 2021. The Median Sales Price also increased 40.9%, up from $1,362,500 in Q2 2020 to $1,920,000 for the same quarter this year.

A look at the five-year snapshot of quarterly Price per Square Foot below (Fig. 23) reveals that prices closed at their highest in over 6 years of our reporting. It is also worth noting that luxury condos in Sunny Isles Beach Surfside offered the maximum value to sellers in Miami Beach by posting the highest percentage increase in year-over-year prices. For buyers, Sunny Isles Beach is one of the lowest priced coastal neighborhoods in the beaches, offering a good entry point.

Sunny Isles Beach Quarterly Price per Sq. Ft. 2016-2021 - Fig. 23

Sunny Isles: Days on Market Flat YoY

Days on Market down quarter-over-quarter. Slightly deviating from the overall Miami market trend of lower year-over-year days on market, luxury condos in Sunny Isles Beach spent fewer days on market compared to the previous quarter, but almost the same number of days year-over-year.

Luxury condos in this seaside neighborhood spent 43 fewer days compared to Q1 this year, but just 1 more day compared to Q2 2020 (Fig. 24). This is a market positive, showing that buyers and sellers have been mostly on the same page in terms of pricing and other expectations. 

Sunny Isles Beach Quarterly Days on Market 2018-2021 – Fig. 24

Sunny Isles: Inventory Down YoY - Continues as Highest in Miami Beach

Q2 2021 closes with 12 months of Inventory. Consistent with the overall Miami market trend, inventory in Sunny Isles dropped to a record-low. At 12 months, inventory is down to its lowest in over 6 years of our reporting, dropping 86.7% from its peak of 90 months in June 2020. It is also 37% lower than the previous quarter's closing of 19 months (Fig. 25).

Although Sunny Isles posted the highest levels of inventory in Miami Beach for Q2 2021, it has successfully transitioned into a seller's market as levels fall within the 9-12-month range of an ideal market.

Sunny Isles Beach Months of Inventory from Mar. 2019 to Jun. 2021 - Fig. 25

A balanced market has only 9-12 months of inventory. The months of inventory are calculated as – no. of active listings + no. of pending listings divided by the average number of deals in the last 6 months.

Miami Beach Neighborhoods: Q2 2021 Fisher Island

Fisher Island: Luxury Condo Sales Up YoY to New High

428.6% growth in year-over-year sales + positive trendline. Consistent with the overall Miami market trend, Fisher Island reports its highest quarterly sales seen in over 6 years of us reporting. With a 428.6% spike in year-over-year sales, half-year sales (59) in this exclusive island are already greater than the total yearly sales of 2020 (43), 2019 (36), or any other previous year under review (Fig. 27.1) – again in sync with the overall market trend.

Owing to phenomenal sales momentum carried over the past four quarters, the 12-month Sales Trendline in Fig. 27.2 stayed positive from Q4 2020 through to Q2 2021.

Fisher Island Luxury Condo Quarterly Sales 2015-2021 - Fig. 27.1

Fisher Island Luxury Condo 12-Month Sales with Trendline - Fig. 27.2

Fisher Island: Luxury Condo Prices Most Expensive in Miami, Up YoY  

Price per Square Foot up 25.1%, still most expensive at $1,644. Median Sales Price up 25.8% year-over-year. In line with the overall Miami market trend of higher year-over-year prices, Fisher Island reported an increase in both its price per square foot and sales price.

The Price per Square Foot increased 25.1% year-over-year, up from $1,314 in Q2 2020 to $1,644 for the same quarter this year. The Median Sales Price also increased 25.8%, up from $4,850,000 in Q2 last year to $6,100,000 this year (Fig. 26).

With these increases, this exclusive island holds on to its position as the most expensive neighborhood in all of Miami for a third consecutive quarter and reports the highest Median Sales Price of $6.1 million in all of Miami. 

Fisher Island Quarterly Price per Sq. Ft. 2016-2021 - Fig. 28

Fisher Island: Days on Market Up YoY 

26.6% increase in year-over-year Days on Market. In contrast to the overall Miami market trend of lower year-over-year days on market, luxury condos on Fisher Island took 25 extra days to be sold compared to Q2 last year (Fig. 29). However, on a quarter-over-quarter basis, luxury condos spent 17 fewer extra days on market compared to Q1 2021.

Fisher Island Quarterly Days on Market 2018-2021 – Fig. 29

Fisher Island: Inventory Down to Lowest in Miami

Q2 2021 closes with 5 months of Inventory. In line with the overall market trend in Miami, luxury condo inventory in Fisher Island dipped to the lowest of all Miami neighborhoods under review. At 5 months, inventory is also down to its lowest in over 6 years, dropping by 91.8% from its peak of 61 months in June 2020. Levels are also 54.5% lower than their previous quarter closing of 11 months (Fig. 30).

One of the first Miami Beach neighborhoods to enter a seller's market, inventory has been quickly absorbed by buyers over this past quarter, bringing it lower than the ideal 9-12-month range of a balanced market. This shows that sellers are in complete control of negotiations, with ample demand and higher prices working seamlessly in their favor.

Looking to sell your luxury home in Fisher Island? Call, chat, or email for a FREE market evaluation of your property to make the most of this seller's market.

Fisher Island Months of Inventory from Mar. 2019 to Jun. 2021 - Fig. 30

A balanced market has only 9-12 months of inventory. The months of inventory are calculated as – no. of active listings + no. of pending listings divided by the average number of deals in the last 6 months.

Q2 2021 Miami Beach Luxury Condo Market Conclusion

Even though the second quarter of the year is usually the strongest, nobody could have predicted luxury condo sales to skyrocket as they have. Breaking all previous records for the highest quarterly sales, all Miami Beach neighborhoods have posted new highs in Q2 2021.

All sub-markets in this report posted incredible triple-digit year-over-year growth, and Mid-North Beach turned out to be the most popular neighborhood with its highest percentage increase in sale volumes. The sub-market also ranked 3rd for leading sales growth in the Q2 2021 overall Miami market report.

Owing to such phenomenal momentum, the 12-month Sales Trendline kept its positive angle across the board for a third quarter in a row – from Q4 2020 through to Q2 2021 – just like the overall market trend.

Prices were higher year-over-year across the board in Miami Beach, like the overall market trend in Miami. Fisher Island ruled the rankings once again, turning out to be the most expensive neighborhood with a price of $1,644/sq. ft. It also posted the highest median sales price out of all Miami neighborhoods under review at $6.1 million. On the other hand, Sunny Isles Beach continued to offer a nice entry point into luxury condos on the beach with the lowest price per square foot of $822 in all of the Miami Beaches.

In terms of value and price growth, Sunny Isles Beach led the way with the highest percentage growth (38.5%) in year-over-year Price per Sq. Ft., followed by Surfside and Bal Harbour (37.6%). Both neighborhoods offered great value to sellers.

In terms of Days on Market, Miami Beach still seems to be dealing with older listings making a comeback on the market, keeping numbers inconsistently high. Deviating from the overall Miami market trend of lower year-over-year days on market, luxury condos in South Beach and Fisher Island reported higher days spent on the market, while Sunny Isles Beach reported the same days as Q2 2020.

With such incredible momentum at play, inventory dropped across the board to an all-time low (in our 6 years of reporting), like the overall Miami report. Fisher Island reported the lowest levels of inventory at 5 months, while South Beach, Mid-North Beach, plus Surfside and Bal Harbour tied for the second-lowest levels with 7 months each.

Reporting the strongest second-quarter in over 6 years, Miami Beach is officially a seller's market. However, as real estate experts, we expect the market to take a cyclical break over the next half of the year. Still, we know that this year will close stronger-than-ever due to the following:

• more businesses and buyers leaving high-tax states for our tax-friendly environment,
• those with the flexibility to work from home or a hybrid arrangement choosing to live their dream with a condo closer to the ocean and year-round warmth,
• ready availability of vaccinations and relaxed travel policies bringing in foreign buyers by the droves to their safe investment haven in the U.S., and
• lower luxury condo deliveries in the immediate future keeping inventory levels in check, even when sales catch a break.

Love what you see? Don't forget to share our blog and subscribe (see the subscribe link on the top menu) to receive the latest market news in your inbox. And also follow us on social media @condoblackbook. Thanks so much!

Questions or comments with the stats? Interested in buying a Miami Beach condo in one of these neighborhoods? Please contact Sep at sniakan (at) hbroswell.com or call 305-725-0566.